For personal use only

Size: px

Start display at page:

Download "For personal use only"

Rosa Ellis
5 years ago
Views:

1 Condor Metals Limited (Formerly: Condor Nickel Limited) ACN Half Year Financial Report For the half-year ended 31 December 2010

2 CONTENTS Corporate Particulars 1 Directors Report 2 Financial Report Statement of Comprehensive Income 3 Statement of Financial Position 4 Statement of Changes in Equity 5 Statement of Cash Flows 6 Notes to the Financial Statements 7 Directors Declaration 9 Independent Review Report 10 Auditor s Independence Declaration 12

3 CORPORATE PARTICULARS Directors Laurence Freedman Chairman Ross Gillon Brian Martin Robert Schuitema Registered Office Corporate Office Ground Floor, 12 St. Georges Terrace, PERTH, WA, AUSTRALIA, 6000 Ground Floor, 12 St. Georges Terrace, PERTH, WA, AUSTRALIA, 6000 Mailing Address GPO Box 2567 Perth WA 6001 Share Registry Auditor Solicitor Advanced Share Registry Services 150 Stirling Highway Perth WA 6009 RSM Bird Cameron Partners 8 St Georges Terrace Perth WA 6000 Lawton Gillon Level St George s Terrace Perth WA

4 DIRECTORS REPORT The directors present their report on Condor Metals Limited ( the Company ) for the half-year ended 31 December Directors The names of directors who held office during or since the end of the half year are: Laurence Freedman (Chairman) Appointed 18 August 2010 Ian Burston Resigned 31 August 2010 Elaine Carr Resigned 27 October 2010 Ross Gillon Brian Martin Robert Schuitema Appointed 9 September 2010 Review of Operations and Exploration Activities The loss attributable to members of Condor Metals Limited for the half-year ended 31 December 2010 was $296,490 (2009: $79,978). No dividends were paid or declared payable during or since the half-year. The Company s current exploration position and activities are set out in announcements released to the Australian Securities Exchange and should be read in conjunction with this half-yearly financial report. Some highlights are presented below: Significant Iron rich layer found over 40km strike at Dingo Range. Rock chip samples returning Fe values over 62% at Dingo Range. Significant Iron ore mineralisation over strike length of 7.5km at Kallona Creek. Very encouraging Iron grades resulted with 9 samples of the 19 taken returning grades of greater than 60% Fe. Massive and crystalline manganiferous mineralisation observed at Kallona Creek. Airborne Geophysical survey completed at Kallona Creek. New Chairman to the Board Mr Laurence Freedman AM New Chief Operating Officer appointed Mr John McKinstry. The Condor Board has given Mr McKinstry a mandate to build a strong technical team to further explore the company s assets. Solid cash position to fund ongoing exploration Events Subsequent to Reporting Date There have been no material items, transactions or events subsequent to 31 December 2010 which, although they do not relate to conditions existing at that date, have not been dealt with in this report and which would cause reliance on the information shown in this report to be misleading. Lead Auditor s Independence Declaration under Section 307C of the Corporations Act 2001 The lead auditor s independence declaration under Section 307C of the Corporations Act 2001 is set out on page 12 and forms part of the Directors Report for the half-year ended 31 December Signed in accordance with a resolution of the Directors. Robert Schuitema Director Dated at Sydney this 28 th day of February

5 STATEMENT OF COMPREHENSIVE INCOME For the half year ended 31 December December 31 December $ $ Revenue 91,790 81,542 Consulting and directors fees (230,962) (120,000) Listing and share registry expenses (22,858) (21,232) Other expenses (134,460) (20,288) Loss before income tax (296,490) (79,978) Income tax expense - - LOSS FOR THE PERIOD (296,490) (79,978) OTHER COMPREHENSIVE INCOME FOR THE PERIOD - - TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (296,490) (79,978) EARNING PER SHARE Basic and diluted loss per share (cents per share) (0.46) (0.12) The accompanying notes form an integral part of these financial statements. 3

6 STATEMENT OF FINANCIAL POSITION As at 31 December 2010 Note 31 December 30 June $ $ Assets Current Assets Cash and cash equivalents 3,578,632 4,373,736 Trade and other receivables 63,435 9,989 Other assets 10,750 - Total Current Assets 3,652,817 4,383,725 Non-Current Assets Exploration and evaluation expenditure 2 2,985,842 2,548,977 Total Non-Current Assets 2,985,842 2,548,977 Total Assets 6,638,659 6,932,702 Liabilities Current Liabilities Trade and other payables 171, ,861 Total Current Liabilities 171, ,861 Total Liabilities 171, ,861 Net Assets 6,467,351 6,763,841 Equity Issued capital 3 6,995,497 6,995,497 Accumulated loss (528,146) (231,656) Total Equity 6,467,351 6,763,841 The accompanying notes form an integral part of these financial statements. 4

7 STATEMENT OF CHANGES IN EQUITY For the half year ended 31 December 2010 Issued Capital Accumulated Profit/(Losses) Total Equity $ $ $ Balance at 1 July ,004,712 (14,022) 6,990,690 Loss attributable to members of the Company - (79,978) (79,978) Total comprehensive income for the period - (79,978) (79,978) Balance at 31 December ,004,712 (94,000) 6,910,712 Balance at 1 July ,995,497 (231,656) 6,763,841 Loss attributable to members of the Company - (296,490) (296,490) Total comprehensive income for the period - (296,490) (296,490) Balance at 31 December ,995,497 (528,146) 6,467,351 The accompanying notes form an integral part of these financial statements. 5

8 STATEMENT OF CASH FLOWS For the half year ended 31 December December 31 December $ $ Cash flows from Operating Activities Payments to suppliers and employees (414,780) (159,623) Interest received 56,541 81,542 Net cash used in operating activities (358,239) (78,081) Cash flows from Investing Activities Payments for exploration and evaluation expenditures (436,865) (145,201) Net cash used in used in investing activities (436,865) (145,201) Cash flows from Financing Activities - - Net (decrease) in cash held (795,104) (223,282) Cash and cash equivalent at the beginning of the half-year 4,373,736 4,744,597 Cash and cash equivalent at the end of the half-year 3,578,632 4,521,315 The accompanying notes form an integral part of these financial statements. 6

9 NOTES TO THE FINANCIAL STATEMENTS For the half year ended 31 December Basis of Preparation This financial report is a general purpose financial report for the interim half-year reporting period ended 31 December 2010 which has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act Compliance with AASB 134 ensures compliance with the International Financial Reporting Standard IAS 34 Interim Financial Reporting. This interim report does not include all of the information required for a full annual report and should be read in conjunction with the annual financial report of the company as at and for the year ended 30 June 2010 and any public announcements made by Condor Metals Limited (previously Condor Nickel Limited) during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act This interim financial report was approved by the Board of Directors on 28 February The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. 2. Exploration and Evaluation Expenditure 31 December June 2010 At cost Balance at beginning of the year 2,548,977 2,253,777 Acquisition Costs 37,000 - Expenditure incurred 399, ,200 Total deferred exploration and evaluation expenditure 2,985,842 2,548,977 The ultimate recoupment of costs carried forward for exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective mining areas. 3. Issued Capital Ordinary shares 31 December 30 June $ $ Issued and fully paid 6,995,497 6,995,497 Movement in fully paid ordinary shares: No. of Shares $ At 1 July ,000,000 6,995,497 At 31 December ,000,000 6,995,497 7

10 NOTES TO THE FINANCIAL STATEMENTS For the half year ended 31 December Segment Information The directors have considered the requirements of AASB 8 Operating Segments and the internal reports that are reviewed by the Board in allocating resources and have concluded that at this time there are no separately identifiable segments. The Company operates in only one segment being mineral exploration in Australia. 5. Events Subsequent to Reporting Date There have been no material items, transactions or events subsequent to 31 December 2010 which, although they do not relate to conditions existing at that date, have not been dealt with in this report and which would cause reliance on the information shown in this report to be misleading. 6. Contingent Liabilities There are no contingent liabilities at the reporting date. 7. Dividends No dividends were paid or declared payable during or since the half-year. 8

11 DIRECTORS DECLARATION The Directors of the Company declare that: 1. The financial statements and notes, as set out on pages 3 to 9 are in accordance with the Corporations Act 2001, including : (a) (a) complying with Accounting Standard AASB 134 Interim Financial Reporting; and (b) giving a true and fair view of the company s financial position as at 31 December 2010 and of its performance for the half-year ended on that date. 2. In the Directors opinion there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors. Robert Schuitema Director Dated at Sydney this 28 th day of February

12 RSM Bird Cameron Partners 8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844 T F Report on the Half-Year Financial Report INDEPENDENT AUDITOR S REVIEW REPORT TO THE MEMBERS OF CONDOR METALS LIMITED We have reviewed the accompanying half-year financial report of Condor Metals Limited which comprises the statement of financial position as at 31 December 2010, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors declaration. Directors Responsibility for the Half-Year Financial Report The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the company s financial position as at 31 December 2010 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of Condor Metals Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Liability limited by a scheme approved under Professional Standards Legislation Major Offices in: Perth, Sydney, Melbourne, Adelaide and Canberra ABN RSM Bird Cameron Partners is an independent member firm of RSM International, an affiliation of independent accounting and consulting firms. RSM International is the name given to a network of independent accounting and consulting firms each of which practices in its own right. RSM International does not exist in any jurisdiction as a separate legal entity.

13 Independence In conducting our review, we have complied with the independence requirements of the Corporations Act We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Condor Metals Limited, would be in the same terms if given to the directors as at the time of this auditor's review report. Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Condor Metals Limited is not in accordance with the Corporations Act 2001 including: (a) (b) giving a true and fair view of the company s financial position as at 31 December 2010 and of its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations RSM BIRD CAMERON PARTNERS Chartered Accountants Perth, WA Dated: 28 February 2011 D J WALL Partner

RSM Bird Cameron Partners 8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 8 9261 9100 F +61 8 9261 9111 www.rsmi.com.

14 RSM Bird Cameron Partners 8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844 T F AUDITOR S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Condor Metals Limited for the half-year ended 31 December 2010, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) (ii) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and any applicable code of professional conduct in relation to the review. RSM BIRD CAMERON PARTNERS Chartered Accountants Perth, WA Dated: 28 February 2011 D J WALL Partner Liability limited by a scheme approved under Professional Standards Legislation Major Offices in: Perth, Sydney, Melbourne, Adelaide and Canberra ABN RSM Bird Cameron Partners is an independent member firm of RSM International, an affiliation of independent accounting and consulting firms. RSM International is the name given to a network of independent accounting and consulting firms each of which practices in its own right. RSM International does not exist in any jurisdiction as a separate legal entity.

KalNorth Gold Mines and Controlled Entities ACN Financial Report. For the half-year ended 31 December 2014

KalNorth Gold Mines and Controlled Entities ACN 100 405 954 Financial Report For the half-year ended 31 December CONTENTS Corporate Particulars 1 Directors Report 2 Auditor s Independence Declaration 5